Unclaimed Deposits: Meaning, List, RBI Guidelines & How to Claim it?

When a savings or current account has remained inactive for over 10 years or a term deposit has not been claimed within 10 years of its maturity date, the funds are considered as "Unclaimed Deposits". Such amounts are transferred by banks to the "Depositor Education and Awareness" (DEA) Fund, which is maintained by the Reserve Bank of India (RBI).

In the year of 2023, the RBI launched the '100 Days 100 Pays' initiative to address the top 100 unclaimed deposits in every district. Now, let's explore the intricacies of this financial endeavor and understand how to reclaim these deposits.

What are Unclaimed Deposits in Banks?

If you haven't used your savings or checking account for more than 10 years or forget to collect your money from a term deposit after it matures for 10 years, the bank calls that money "Unclaimed Deposits."

What Happens To Unclaimed Deposits?

If there is any unclaimed deposit available, the banks tend to move such deposits to the Depositor Education and Awareness (DEA) Fund run by the Reserve Bank of India.

100 Days 100 Pays RBI Scheme

The Reserve Bank of India launched the ‘100 Days 100 Pays’ campaign in 2023 to settle the top 100 unclaimed deposits of every bank in every district of India. It started on 1 June and was supposed to last for 100 days, Later the deadline was extended to 1 April 2024.

List Of Unclaimed Deposits

RBI has launched the UDGAM (Unclaimed Deposits Gateway to Access Information) portal for banks to upload the details of unclaimed deposits. You can find the list of such deposits from the UDGAM portal.

RBI Guidelines On Unclaimed Deposits

RBI has issued guidelines to banks regarding unclaimed deposits. It has asked them to conduct yearly reviews of accounts which have not seen any transactions for over a year. Regarding term deposits, the RBI said that if there is no mandate for its renewal, the bank should check if the customer has withdrawn the proceeds post-maturity or moved them to a savings or current account.

Banks must alert account or deposit holders if their account or deposit has not been used for a year. The alert can be sent via email, letter, or SMS. The message should inform the customer that the account or deposit would be deemed ‘inoperative’ if it is not used over the next 1 year. After that, reactivation would require fresh submission of KYC documents.

List Of Banks Available On UDGAM Portal

The following banks are currently part of the UDGAM portal:

1. State Bank of India
2. Punjab National Bank
3. Central Bank of India
4. Dhanlaxmi Bank Ltd.
5. South Indian Bank Ltd.
6. DBS Bank India Ltd.
7. Citibank N.A.
8. Canara Bank
9. Bank of India
10. Bank of Baroda
11. Indian Bank
12. Union Bank of India
13. HDFC Bank
14. Federal Bank
15. Kotak Mahindra Bank
16. ICICI Bank
17. UCO Bank
18. Bank of Maharashtra
19. IDBI Bank
20. Jammu and Kashmir Bank Ltd.
21. Punjab and Sind Bank
22. Axis Bank Ltd.
23. Indian Overseas Bank
24. Standard Chartered Bank
25. HSBC Ltd.
26. Karnataka Bank Ltd.
27. The Karur Vysya Bank Ltd.
28. Saraswat Co-operative Bank
29. IndusInd Bank Ltd.
30. Tamilnad Mercantile Bank Ltd.

How To Check Unclaimed Deposits In UDGAM Portal?

Here is how you can check for unclaimed deposits on the Unclaimed Deposits Gateway to Access Information (UDGAM) portal.

1. Visit the UDGAM portal.
2. You will have to first create an account. So click on ‘Register’.

3. Enter your mobile number, first name, and last name. 
4. Enter and then re-enter your password. 
5. Enter captcha.
6. Check the 1st box for agreeing with the 'Disclaimer' and the 'Privacy Policy'.
7. Check the 2nd box for declaring that you will use the portal for legitimate purposes.
8. Click on ‘Next’.
9. Enter the OTP sent to your phone number and click on 'Register' to complete the registration.
10. Now go to UDGAM portal and enter your mobile number, password, and captcha.
11. Click on ‘Next’.
12. Enter OTP sent to your phone and click on ‘Login’.
13. Enter the name of the account holder whose unclaimed deposit you want to claim.
14. Under the "Select Bank" dropdown, check the box against the name of the bank in which you want to find the deposit. You can also select 'All'. 
15. Enter any one of the following: PAN, voter ID, driving license number, passport number or date of birth
16. Click on ‘Search’.

The portal will show details regarding unclaimed deposits, if any, for the search information entered by you.

How To Claim Unclaimed Deposits?

Here are the steps you need to follow to claim an unclaimed deposit.

1. Visit the bank where the account or deposit exists.
2. Fill up the “claim form” with all relevant details about yourself and the account.
3. Submit the form along with relevant documents such as KYC documents, deposit receipts and photographs. If you are a legal heir, you will also have to submit a copy of the death certificate of the account holder.

The bank will release the funds after verifying your application.

Final Words

This article explains what unclaimed deposits are and how the Reserve Bank of India is taking steps to reduce them. ASBI Unclaimed Deposits: List, How to Check & Claim SBI Unclaimed Deposits according to RBI guidelines, Banks are required to notify customers if their accounts have not been used for a year. You can find details about unclaimed deposits on the UDGAM portal. To claim an unclaimed deposit, you need to visit the bank branch and submit the necessary documents. 

Other Banks Unclaimed Deposits:
1. SBI Unclaimed Deposits: List, How to Check & Claim SBI Unclaimed Deposits?
2. Axis Bank Unclaimed Deposits: List, How to Check & Claim Axis Unclaimed Deposits?
3. Indian Bank Unclaimed Deposits: List, How to Check & Claim Indian Bank Unclaimed Deposits?
4. Central Bank of India Unclaimed Deposits: List, How to Check & Claim CBI Unclaimed Deposits?
5. Indian Bank Unclaimed Deposits: List, How to Check & Claim Indian Bank Unclaimed Deposits?
6. Bank of Maharashtra Unclaimed Deposits: List, How to Check & Claim BOM Unclaimed Deposits?
7. Union Bank of India Unclaimed Deposits: List, How to Check & Claim UBI Unclaimed Deposits?
8. LIC Unclaimed Deposits: How to Check & Claim LIC Unclaimed Amount?